![\"\u65b0\u51a0\u80ba\u708e\u5168\u7403\u5927\u6d41\u884c\u5c01\u9501\uff0c\u523a\u6fc0\u8d22\u653f\u523a\u6fc0\u65b9\u6848\u653f\u5e9c\u4e3a\u4eba\u6c11\"](\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/unnamed-file-67.jpeg\")
<\/p>\nB\u01b0\u1edbc sang n\u0103m 2026, n\u1ec1n kinh t\u1ebf M\u1ef9 \u0111ang chuy\u1ec3n t\u1eeb \u201cgiai \u0111o\u1ea1n ch\u1ea5p nh\u1eadn l\u00e3i su\u1ea5t cao\u201d sang \u201cgiai \u0111o\u1ea1n t\u00e1i c\u00e2n b\u1eb1ng ch\u00ednh s\u00e1ch\u201d. Trong b\u1ed1i c\u1ea3nh ph\u1ee9c t\u1ea1p c\u1ee7a l\u1ea1m ph\u00e1t kh\u00f3 kh\u0103n, s\u1ef1 suy y\u1ebfu nh\u1eb9 c\u1ee7a th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u00e0 m\u1edf r\u1ed9ng t\u00e0i ch\u00ednh, ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a Fed s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t t\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan ch\u01b0a t\u1eebng c\u00f3: n\u00f3 ph\u1ea3i ng\u0103n ch\u1eb7n n\u1ec1n kinh t\u1ebf tr\u00ec tr\u1ec7, nh\u01b0ng c\u0169ng ph\u1ea3i c\u1ea3nh gi\u00e1c v\u1edbi vi\u1ec7c gi\u1ea3m b\u1edbt k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t d\u00e0i h\u1ea1n. Wmax k\u1ebft h\u1ee3p c\u00e1c xu h\u01b0\u1edbng d\u1eef li\u1ec7u hi\u1ec7n t\u1ea1i v\u00e0 t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch \u0111\u1ec3 h\u00ecnh th\u00e0nh d\u1ef1 \u0111o\u00e1n c\u00f3 h\u1ec7 th\u1ed1ng v\u1ec1 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n c\u1ee7a n\u1ec1n kinh t\u1ebf Hoa K\u1ef3 v\u00e0 l\u1ed9 tr\u00ecnh l\u00e3i su\u1ea5t c\u1ee7a Fed v\u00e0o n\u0103m 2026.<\/p>\n
1. T\u0103ng tr\u01b0\u1edfng kinh t\u1ebf: \u0111\u00e0 ch\u1eadm l\u1ea1i nh\u01b0ng tr\u00e1nh h\u1ea1 c\u00e1nh c\u1ee9ng<\/p>\n
T\u0103ng tr\u01b0\u1edfng GDP th\u1ef1c t\u1ebf c\u1ee7a Hoa K\u1ef3 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd gi\u1ea3m tr\u1edf l\u1ea1i m\u1ee9c 1,2% -1,6% v\u00e0o n\u0103m 2026, th\u1ea5p h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c trung b\u00ecnh trong giai \u0111o\u1ea1n 2024-2025. C\u00e1c y\u1ebfu t\u1ed1 c\u1ed1t l\u00f5i th\u00fac \u0111\u1ea9y s\u1ef1 ch\u1eadm l\u1ea1i n\u00e0y bao g\u1ed3m:<\/p>\n
Chi ti\u00eau ti\u00eau d\u00f9ng \u0111\u00e3 h\u1ea1 nhi\u1ec7t m\u1ed9t c\u00e1ch khi\u00eam t\u1ed1n: t\u1ef7 l\u1ec7 ti\u1ebft ki\u1ec7m c\u1ee7a ng\u01b0\u1eddi d\u00e2n gi\u1ea3m xu\u1ed1ng m\u1ee9c tr\u01b0\u1edbc d\u1ecbch b\u1ec7nh v\u00e0 t\u1ef7 l\u1ec7 qu\u00e1 h\u1ea1n th\u1ebb t\u00edn d\u1ee5ng \u0111\u00e3 t\u0103ng trong s\u00e1u qu\u00fd li\u00ean ti\u1ebfp, cho th\u1ea5y t\u1ea5m \u0111\u1ec7m t\u00e0i ch\u00ednh h\u1ed9 gia \u0111\u00ecnh \u0111\u00e3 suy y\u1ebfu; \u0111\u1ea7u t\u01b0 kinh doanh tr\u1edf n\u00ean th\u1eadn tr\u1ecdng: m\u1eb7c d\u00f9 chi ti\u00eau v\u1ed1n li\u00ean quan \u0111\u1ebfn AI v\u1eabn c\u00f3 kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i, nh\u01b0ng chi ph\u00ed t\u00e0i ch\u00ednh cao trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao s\u1ebd h\u1ea1n ch\u1ebf \u0111\u1ea7u t\u01b0 v\u00e0o b\u1ea5t \u0111\u1ed9ng s\u1ea3n s\u1ea3n xu\u1ea5t v\u00e0 th\u01b0\u01a1ng m\u1ea1i; H\u1ed7 tr\u1ee3 chi ti\u00eau c\u1ee7a ch\u00ednh ph\u1ee7 c\u00f2n h\u1ea1n ch\u1ebf: M\u1eb7c d\u00f9 k\u00edch th\u00edch t\u00e0i ch\u00ednh nh\u01b0 \"\u0110\u1ea1o lu\u1eadt v\u1ebb \u0111\u1eb9p v\u0129 \u0111\u1ea1i\" \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, \u00e1p l\u1ef1c th\u00e2m h\u1ee5t \u0111\u00e3 h\u1ea1n ch\u1ebf kh\u00f4ng gian m\u1edf r\u1ed9ng h\u01a1n n\u1eefa.<\/p>\n
\u0110i\u1ec1u \u0111\u00e1ng nh\u1ea5n m\u1ea1nh l\u00e0 m\u1eb7c d\u00f9 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u0111ang c\u00f3 d\u1ea5u hi\u1ec7u h\u1ea1 nhi\u1ec7t (t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p c\u00f3 th\u1ec3 t\u0103ng l\u00ean 4,3%-4,5%) nh\u01b0ng v\u1eabn ch\u01b0a x\u1ea3y ra l\u00e0n s\u00f3ng sa th\u1ea3i quy m\u00f4 l\u1edbn, cho th\u1ea5y n\u1ec1n kinh t\u1ebf nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd r\u01a1i v\u00e0o con \u0111\u01b0\u1eddng \u201csuy tho\u00e1i n\u00f4ng ho\u1eb7c h\u1ea1 c\u00e1nh m\u1ec1m\u201d h\u01a1n l\u00e0 suy tho\u00e1i s\u00e2u.<\/p>\n
2. Xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t: \u0110\u1ed9 d\u00ednh c\u1ed1t l\u00f5i v\u1eabn t\u1ed3n t\u1ea1i v\u00e0 xu h\u01b0\u1edbng chung \u0111ang ch\u1eadm l\u1ea1i<\/p>\n
V\u00e0o n\u0103m 2026, CPI c\u1ee7a M\u1ef9 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd gi\u1ea3m h\u01a1n n\u1eefa xu\u1ed1ng kho\u1ea3ng 2,5%-3,0% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, nh\u01b0ng t\u1ed1c \u0111\u1ed9 gi\u1ea3m s\u1ebd ch\u1eadm l\u1ea1i \u0111\u00e1ng k\u1ec3. \u0110i\u1ec1u quan tr\u1ecdng l\u00e0 l\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5 c\u1ed1t l\u00f5i (\u0111\u1eb7c bi\u1ec7t l\u00e0 nh\u00e0 \u1edf v\u00e0 y t\u1ebf) v\u1eabn c\u00f2n dai d\u1eb3ng:<\/p>\n
Gi\u00e1 nh\u00e0 \u1edf t\u1ee5t h\u1eadu so v\u1edbi gi\u00e1 thu\u00ea th\u1ecb tr\u01b0\u1eddng kho\u1ea3ng 12 th\u00e1ng v\u00e0 m\u1ee9c gi\u1ea3m gi\u00e1 thu\u00ea s\u1ebd d\u1ea7n d\u1ea7n \u0111\u01b0\u1ee3c chuy\u1ec3n sang CPI trong n\u1eeda cu\u1ed1i n\u0103m 2025; chi ph\u00ed lao \u0111\u1ed9ng v\u1eabn \u1edf m\u1ee9c cao, \u0111\u1ea9y s\u1ee9c m\u1ea1nh \u0111\u1ecbnh gi\u00e1 c\u1ee7a ng\u00e0nh d\u1ecbch v\u1ee5 l\u00ean cao; h\u1ed7 tr\u1ee3 t\u1eeb ph\u00eda c\u1ea7u do m\u1edf r\u1ed9ng t\u00e0i ch\u00ednh mang l\u1ea1i c\u0169ng cung c\u1ea5p h\u1ed7 tr\u1ee3 \u0111\u00e1y cho l\u1ea1m ph\u00e1t.<\/p>\n
V\u00ec v\u1eady, trong khi l\u1ea1m ph\u00e1t g\u1ea7n \u0111\u1ea1t m\u1ee5c ti\u00eau, Fed l\u1ea1i g\u1eb7p kh\u00f3 kh\u0103n khi tuy\u00ean b\u1ed1 \u201cs\u1ee9 m\u1ec7nh \u0111\u00e3 ho\u00e0n th\u00e0nh\u201d. M\u1ee5c ti\u00eau \u0111\u1ed1i x\u1ee9ng 2% v\u1eabn s\u1ebd l\u00e0 tr\u1ea1ng th\u00e1i \"g\u1ea7n nh\u01b0ng ch\u01b0a \u0111\u1ea1t \u0111\u01b0\u1ee3c ho\u00e0n to\u00e0n\", h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t nhanh ch\u00f3ng v\u00e0 \u0111\u00e1ng k\u1ec3.<\/p>\n
<\/p>\n
3. L\u1ed9 tr\u00ecnh ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang: b\u1eaft \u0111\u1ea7u c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, v\u1edbi t\u1ed1c \u0111\u1ed9 ch\u1eadm v\u00e0 sau \u0111\u00f3 l\u00e0 t\u1ed1c \u0111\u1ed9 nhanh<\/p>\n
D\u1ef1a tr\u00ean c\u00e1c nh\u1eadn \u0111\u1ecbnh v\u1ec1 kinh t\u1ebf v\u00e0 l\u1ea1m ph\u00e1t \u1edf tr\u00ean, Wmax tin r\u1eb1ng C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd ch\u00ednh th\u1ee9c b\u1eaft \u0111\u1ea7u chu k\u1ef3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o n\u0103m 2026, nh\u01b0ng l\u1ed9 tr\u00ecnh n\u00e0y s\u1ebd th\u1ec3 hi\u1ec7n \u0111\u1eb7c \u0111i\u1ec3m ba giai \u0111o\u1ea1n l\u00e0 \"b\u1eaft \u0111\u1ea7u th\u1eadn tr\u1ecdng, ti\u1ebfn d\u1ea7n d\u1ea7n v\u00e0 t\u0103ng t\u1ed1c sau\":<\/p>\n
N\u1eeda \u0111\u1ea7u n\u0103m (Q1\u2013Q2): N\u1ebfu t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p \u1ed5n \u0111\u1ecbnh d\u01b0\u1edbi 4,3% v\u00e0 PCE c\u1ed1t l\u00f5i duy tr\u00ec tr\u00ean 2,8%, Fed c\u00f3 th\u1ec3 ch\u1ec9 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t 1\u20132 l\u1ea7n (m\u1ed7i l\u1ea7n 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n) \u0111\u1ec3 quan s\u00e1t hi\u1ec7u \u1ee9ng tr\u1ec5 c\u1ee7a ch\u00ednh s\u00e1ch; n\u1eeda cu\u1ed1i n\u0103m (Q3\u2013Q4): Khi cu\u1ed9c b\u1ea7u c\u1eed \u0111\u1ebfn g\u1ea7n, d\u1eef li\u1ec7u kinh t\u1ebf ng\u00e0y c\u00e0ng suy y\u1ebfu v\u00e0 \u00e1p l\u1ef1c \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh v\u00e0 ch\u00ednh tr\u1ecb gia t\u0103ng, t\u1ed1c \u0111\u1ed9 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u00f3 th\u1ec3 t\u0103ng t\u1ed1c v\u00e0 m\u1ee9c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t l\u0169y k\u1ebf trong su\u1ed1t c\u1ea3 n\u0103m c\u00f3 th\u1ec3 \u0111\u1ea1t 75\u2013100 \u0111i\u1ec3m c\u01a1 b\u1ea3n.<\/p>\n
\u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 vi\u1ec7c gi\u1ea3m b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n (QT) c\u00f3 th\u1ec3 b\u1ecb ch\u1eadm l\u1ea1i, th\u1eadm ch\u00ed t\u1ea1m d\u1eebng \u0111\u1ed3ng th\u1eddi \u0111\u1ec3 ph\u1ed1i h\u1ee3p v\u1edbi c\u00e1c c\u00f4ng c\u1ee5 l\u00e3i su\u1ea5t, tr\u00e1nh th\u1eaft ch\u1eb7t qu\u00e1 m\u1ee9c c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh. \u0110i\u1ec1u n\u00e0y \u0111\u00e1nh d\u1ea5u s\u1ef1 chuy\u1ec3n d\u1ecbch trong ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 t\u1eeb \u201cth\u1ed1ng tr\u1ecb l\u00e3i su\u1ea5t \u0111\u01a1n l\u1ebb\u201d sang \u0111i\u1ec1u ch\u1ec9nh k\u00e9p \u201cl\u00e3i su\u1ea5t + thanh kho\u1ea3n\u201d.<\/p>\n
4. V\u1ea5n \u0111\u1ec1 nan gi\u1ea3i v\u1ec1 ch\u00ednh s\u00e1ch: Nh\u1eefng xung \u0111\u1ed9t ti\u1ec1m \u1ea9n gi\u1eefa n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7 v\u00e0 n\u1edbi l\u1ecfng t\u00e0i kh\u00f3a<\/p>\n
S\u1ef1 k\u1ebft h\u1ee3p ch\u00ednh s\u00e1ch v\u0129 m\u00f4 c\u1ee7a Hoa K\u1ef3 v\u00e0o n\u0103m 2026 s\u1ebd th\u1ec3 hi\u1ec7n m\u1ed9t m\u00f4 h\u00ecnh song song hi\u1ebfm c\u00f3 c\u1ee7a \u201cch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a + ti\u1ec1n t\u1ec7 r\u1ed9ng r\u00e3i\u201d:<\/p>\n
V\u1ec1 m\u1eb7t t\u00e0i ch\u00ednh: t\u1ef7 l\u1ec7 th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch c\u00f3 th\u1ec3 quay tr\u1edf l\u1ea1i tr\u00ean 6%, n\u1ee3\/GDP v\u01b0\u1ee3t 125%; v\u1ec1 m\u1eb7t ti\u1ec1n t\u1ec7: l\u00e3i su\u1ea5t l\u1ea1i \u0111\u01b0\u1ee3c c\u1eaft gi\u1ea3m, thanh kho\u1ea3n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n nh\u1eb9.<\/p>\n
M\u1eb7c d\u00f9 s\u1ef1 k\u1ebft h\u1ee3p n\u00e0y gi\u00fap h\u1ed7 tr\u1ee3 n\u1ec1n kinh t\u1ebf nh\u01b0ng n\u00f3 c\u0169ng ti\u1ec1m \u1ea9n nh\u1eefng nguy c\u01a1 l\u00e2u d\u00e0i:<\/p>\n
Vi\u1ec7c m\u1edf r\u1ed9ng t\u00e0i kh\u00f3a \u0111\u00e3 \u0111\u1ea9y k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t trung v\u00e0 d\u00e0i h\u1ea1n l\u00ean cao, h\u1ea1n ch\u1ebf d\u01b0 \u0111\u1ecba c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed; nh\u1eefng lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng c\u1ee7a n\u1ee3 M\u1ef9 c\u00f3 th\u1ec3 l\u00e0m t\u0103ng th\u00eam bi\u1ebfn \u0111\u1ed9ng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la; n\u1ebfu l\u1ea1m ph\u00e1t t\u0103ng tr\u1edf l\u1ea1i do k\u00edch th\u00edch t\u00e0i kh\u00f3a, Fed c\u00f3 th\u1ec3 bu\u1ed9c ph\u1ea3i chuy\u1ec3n sang ch\u00ednh s\u00e1ch di\u1ec1u h\u00e2u m\u1ed9t l\u1ea7n n\u1eefa v\u00e0o n\u0103m 2027.<\/p>\n
V\u00ec v\u1eady, vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o n\u0103m 2026 kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec3m kh\u1edfi \u0111\u1ea7u c\u1ee7a m\u1ed9t chu k\u1ef3 n\u1edbi l\u1ecfng m\u1edbi m\u00e0 gi\u1ed1ng nh\u01b0 m\u1ed9t s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh ph\u00f2ng ng\u1eeba nh\u1eb1m \u0111\u1ed1i ph\u00f3 v\u1edbi nh\u1eefng r\u1ee7i ro \u1edf \u0111u\u00f4i chu k\u1ef3.<\/p>\n
![\"\u91d1\u878d,\u5546\u52a1,\u7ecf\u6d4e,\u6570\u7801\u5408\u6210,\u56fe\u8868,\u5927\u6570\u636e,\u5916\u5e01\u5151\u6362,\u80a1\u5e02\u6570\u636e,\u80a1\u5e02\u548c\u4ea4\u6613\u6240\"](\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2025\/12\/unnamed-file-68.jpeg\")
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K\u1ebft lu\u1eadn: T\u00ecm ki\u1ebfm \u0111i\u1ec3m neo ch\u00ednh s\u00e1ch trong b\u1ed1i c\u1ea3nh kh\u00f4ng ch\u1eafc ch\u1eafn<\/p>\n
\u0110\u1eb7c \u0111i\u1ec3m c\u1ed1t l\u00f5i c\u1ee7a n\u1ec1n kinh t\u1ebf v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 M\u1ef9 n\u0103m 2026 l\u00e0 \u201cs\u1ef1 t\u1ed3n t\u1ea1i song song c\u1ee7a qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i v\u00e0 m\u00e2u thu\u1eabn\u201d - t\u0103ng tr\u01b0\u1edfng ch\u1eadm l\u1ea1i nh\u01b0ng kh\u00f4ng s\u1ee5p \u0111\u1ed5, l\u1ea1m ph\u00e1t gi\u1ea3m nh\u01b0ng kh\u00f4ng \u0111\u1ea1t m\u1ee5c ti\u00eau v\u00e0 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c b\u1eaft \u0111\u1ea7u nh\u01b0ng b\u1ecb h\u1ea1n ch\u1ebf. \u0110\u1ed1i v\u1edbi nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng, \u0111i\u1ec1u quan tr\u1ecdng kh\u00f4ng ph\u1ea3i l\u00e0 d\u1ef1 \u0111o\u00e1n s\u1ed1 l\u1ea7n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t m\u00e0 l\u00e0 hi\u1ec3u \u0111\u01b0\u1ee3c logic \u0111\u00e1nh \u0111\u1ed5i \u0111\u1eb1ng sau ch\u00ednh s\u00e1ch n\u00e0y: Fed \u0111ang c\u1ed1 g\u1eafng \u0111i d\u00e2y ch\u1eb7t ch\u1ebd gi\u1eefa \"ng\u0103n ch\u1eb7n suy tho\u00e1i\" v\u00e0 \"ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t\". L\u00e3i su\u1ea5t c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c c\u1eaft gi\u1ea3m s\u1edbm h\u01a1n v\u00e0 quy\u1ebft li\u1ec7t h\u01a1n; n\u1ebfu l\u1ea1m ph\u00e1t t\u00e1i di\u1ec5n, s\u1ef1 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch c\u00f3 th\u1ec3 l\u1ea1i b\u1ecb tr\u00ec ho\u00e3n. Ch\u1ec9 b\u1eb1ng c\u00e1ch duy tr\u00ec s\u1ef1 nh\u1ea1y c\u1ea3m v\u1edbi d\u1eef li\u1ec7u v\u00e0 logic r\u00f5 r\u00e0ng, ch\u00fang ta m\u1edbi c\u00f3 th\u1ec3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c c\u00e1c c\u01a1 h\u1ed9i mang t\u00ednh c\u1ea5u tr\u00fac trong b\u1ed1i c\u1ea3nh ch\u00ednh s\u00e1ch m\u00f9 m\u1edd.<\/p>","protected":false},"excerpt":{"rendered":"
B\u00e0i vi\u1ebft n\u00e0y \u0111\u01b0a ra d\u1ef1 \u0111o\u00e1n chuy\u00ean s\u00e2u v\u1ec1 xu h\u01b0\u1edbng kinh t\u1ebf M\u1ef9 v\u00e0 \u0111\u01b0\u1eddng \u0111i l\u00e3i su\u1ea5t c\u1ee7a Fed trong n\u0103m 2026. Ph\u00e2n t\u00edch s\u1ef1 ch\u1eadm l\u1ea1i trong t\u0103ng tr\u01b0\u1edfng GDP, s\u1ef1 ki\u1ec1m ch\u1ebf l\u1ea1m ph\u00e1t v\u00e0 nh\u1eefng thay \u0111\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng, ch\u1ec9 ra r\u1eb1ng C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd b\u1eaft \u0111\u1ea7u c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ph\u00f2ng ng\u1eeba gi\u1eefa ng\u0103n ch\u1eb7n suy tho\u00e1i kinh t\u1ebf v\u00e0 ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t. Th\u1ea3o lu\u1eadn nh\u1eefng r\u1ee7i ro v\u0129 m\u00f4 ph\u00e1t sinh t\u1eeb m\u00e2u thu\u1eabn gi\u1eefa ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a n\u1edbi l\u1ecfng v\u00e0 ti\u1ec1n t\u1ec7 n\u1edbi l\u1ecfng \u0111\u1ec3 gi\u00fap nh\u00e0 \u0111\u1ea7u t\u01b0 n\u1eafm b\u1eaft c\u01a1 h\u1ed9i c\u01a1 c\u1ea5u trong giai \u0111o\u1ea1n t\u00e1i c\u00e2n b\u1eb1ng ch\u00ednh s\u00e1ch.<\/p>","protected":false},"author":1,"featured_media":8058,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[355,217,356],"class_list":["post-8057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-355","tag-217","tag-356"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=8057"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8057\/revisions"}],"predecessor-version":[{"id":8061,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8057\/revisions\/8061"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8058"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}